Mortgage Calculator

Calculating your mortgage payment is a complex process that takes into consideration a variety of factors such as interest rates, mortgage insurance, and HOA fees among others. With the mortgage calculator, you can easily find out your monthly payment by inputting information such as the home price, down payment, interest rate, and potential HOA fees.

$
$ %
TAXES, INS, HOA & PMI

$ % / yr
$ % / yr
$ % / yr
%
 

$1,578.39

Monthly Principal & Interest
 

$1,578.39

Total Monthly Payment
 

100.00%

Loan-To-Value Ratio (LTV)
 
Loading chart. Please wait...
Nov, 2018 Oct, 2043
Loan Closing Loan Payoff


  Monthly Annual Total of 300 Payments
Principal $453 — $1,572 $909 — $17,687 $270,000
Interest $7 — $1,125 $356 — $13,327 $203,518
Property Taxes $0.00 $0 $0
Home Insurance $0.00 $0 $0
HOA Fees $0.00 $0 $0
PMI $0.00 $0 $0
Principal & Interest $1,578.39 $18,941 $473,518
PITI $1,578.39 $18,941 $473,518
Total $1,578.39 $18,941 $473,518

Amortization Schedule

Date Interest Principal Balance
Nov, 2018 $1,125 $453 $269,547
Dec, 2018 $1,123 $455 $269,091
2018 $2,248 $909 $269,091
Jan, 2019 $1,121 $457 $268,634
Feb, 2019 $1,119 $459 $268,175
Mar, 2019 $1,117 $461 $267,714
Apr, 2019 $1,115 $463 $267,251
May, 2019 $1,114 $465 $266,786
Jun, 2019 $1,112 $467 $266,320
Jul, 2019 $1,110 $469 $265,851
Aug, 2019 $1,108 $471 $265,380
Sep, 2019 $1,106 $473 $264,907
Oct, 2019 $1,104 $475 $264,433
Nov, 2019 $1,102 $477 $263,956
Dec, 2019 $1,100 $479 $263,478
2019 $13,327 $5,614 $263,478
Jan, 2020 $1,098 $481 $262,997
Feb, 2020 $1,096 $483 $262,515
Mar, 2020 $1,094 $485 $262,030
Apr, 2020 $1,092 $487 $261,543
May, 2020 $1,090 $489 $261,055
Jun, 2020 $1,088 $491 $260,564
Jul, 2020 $1,086 $493 $260,071
Aug, 2020 $1,084 $495 $259,577
Sep, 2020 $1,082 $497 $259,080
Oct, 2020 $1,079 $499 $258,581
Nov, 2020 $1,077 $501 $258,080
Dec, 2020 $1,075 $503 $257,577
2020 $13,040 $5,901 $257,577
Jan, 2021 $1,073 $505 $257,072
Feb, 2021 $1,071 $507 $256,564
Mar, 2021 $1,069 $509 $256,055
Apr, 2021 $1,067 $511 $255,544
May, 2021 $1,065 $514 $255,030
Jun, 2021 $1,063 $516 $254,514
Jul, 2021 $1,060 $518 $253,996
Aug, 2021 $1,058 $520 $253,476
Sep, 2021 $1,056 $522 $252,954
Oct, 2021 $1,054 $524 $252,430
Nov, 2021 $1,052 $527 $251,903
Dec, 2021 $1,050 $529 $251,374
2021 $12,738 $6,203 $251,374
Jan, 2022 $1,047 $531 $250,843
Feb, 2022 $1,045 $533 $250,310
Mar, 2022 $1,043 $535 $249,774
Apr, 2022 $1,041 $538 $249,237
May, 2022 $1,038 $540 $248,697
Jun, 2022 $1,036 $542 $248,155
Jul, 2022 $1,034 $544 $247,610
Aug, 2022 $1,032 $547 $247,064
Sep, 2022 $1,029 $549 $246,515
Oct, 2022 $1,027 $551 $245,963
Nov, 2022 $1,025 $554 $245,410
Dec, 2022 $1,023 $556 $244,854
2022 $12,421 $6,520 $244,854
Jan, 2023 $1,020 $558 $244,296
Feb, 2023 $1,018 $560 $243,735
Mar, 2023 $1,016 $563 $243,173
Apr, 2023 $1,013 $565 $242,607
May, 2023 $1,011 $568 $242,040
Jun, 2023 $1,008 $570 $241,470
Jul, 2023 $1,006 $572 $240,898
Aug, 2023 $1,004 $575 $240,323
Sep, 2023 $1,001 $577 $239,746
Oct, 2023 $999 $579 $239,167
Nov, 2023 $997 $582 $238,585
Dec, 2023 $994 $584 $238,000
2023 $12,087 $6,854 $238,000
Jan, 2024 $992 $587 $237,414
Feb, 2024 $989 $589 $236,824
Mar, 2024 $987 $592 $236,233
Apr, 2024 $984 $594 $235,639
May, 2024 $982 $597 $235,042
Jun, 2024 $979 $599 $234,443
Jul, 2024 $977 $602 $233,842
Aug, 2024 $974 $604 $233,238
Sep, 2024 $972 $607 $232,631
Oct, 2024 $969 $609 $232,022
Nov, 2024 $967 $612 $231,410
Dec, 2024 $964 $614 $230,796
2024 $11,736 $7,204 $230,796
Jan, 2025 $962 $617 $230,179
Feb, 2025 $959 $619 $229,560
Mar, 2025 $956 $622 $228,938
Apr, 2025 $954 $624 $228,314
May, 2025 $951 $627 $227,687
Jun, 2025 $949 $630 $227,057
Jul, 2025 $946 $632 $226,425
Aug, 2025 $943 $635 $225,790
Sep, 2025 $941 $638 $225,152
Oct, 2025 $938 $640 $224,512
Nov, 2025 $935 $643 $223,869
Dec, 2025 $933 $646 $223,223
2025 $11,368 $7,573 $223,223
Jan, 2026 $930 $648 $222,575
Feb, 2026 $927 $651 $221,924
Mar, 2026 $925 $654 $221,270
Apr, 2026 $922 $656 $220,614
May, 2026 $919 $659 $219,955
Jun, 2026 $916 $662 $219,293
Jul, 2026 $914 $665 $218,628
Aug, 2026 $911 $667 $217,961
Sep, 2026 $908 $670 $217,290
Oct, 2026 $905 $673 $216,617
Nov, 2026 $903 $676 $215,941
Dec, 2026 $900 $679 $215,263
2026 $10,980 $7,960 $215,263
Jan, 2027 $897 $681 $214,581
Feb, 2027 $894 $684 $213,897
Mar, 2027 $891 $687 $213,210
Apr, 2027 $888 $690 $212,520
May, 2027 $885 $693 $211,827
Jun, 2027 $883 $696 $211,131
Jul, 2027 $880 $699 $210,433
Aug, 2027 $877 $702 $209,731
Sep, 2027 $874 $705 $209,026
Oct, 2027 $871 $707 $208,319
Nov, 2027 $868 $710 $207,609
Dec, 2027 $865 $713 $206,895
2027 $10,573 $8,368 $206,895
Jan, 2028 $862 $716 $206,179
Feb, 2028 $859 $719 $205,460
Mar, 2028 $856 $722 $204,737
Apr, 2028 $853 $725 $204,012
May, 2028 $850 $728 $203,284
Jun, 2028 $847 $731 $202,552
Jul, 2028 $844 $734 $201,818
Aug, 2028 $841 $737 $201,080
Sep, 2028 $838 $741 $200,340
Oct, 2028 $835 $744 $199,596
Nov, 2028 $832 $747 $198,849
Dec, 2028 $829 $750 $198,099
2028 $10,145 $8,796 $198,099
Jan, 2029 $825 $753 $197,347
Feb, 2029 $822 $756 $196,590
Mar, 2029 $819 $759 $195,831
Apr, 2029 $816 $762 $195,069
May, 2029 $813 $766 $194,303
Jun, 2029 $810 $769 $193,534
Jul, 2029 $806 $772 $192,762
Aug, 2029 $803 $775 $191,987
Sep, 2029 $800 $778 $191,209
Oct, 2029 $797 $782 $190,427
Nov, 2029 $793 $785 $189,642
Dec, 2029 $790 $788 $188,854
2029 $9,695 $9,246 $188,854
Jan, 2030 $787 $792 $188,062
Feb, 2030 $784 $795 $187,267
Mar, 2030 $780 $798 $186,469
Apr, 2030 $777 $801 $185,668
May, 2030 $774 $805 $184,863
Jun, 2030 $770 $808 $184,055
Jul, 2030 $767 $811 $183,244
Aug, 2030 $764 $815 $182,429
Sep, 2030 $760 $818 $181,610
Oct, 2030 $757 $822 $180,789
Nov, 2030 $753 $825 $179,964
Dec, 2030 $750 $829 $179,135
2030 $9,222 $9,719 $179,135
Jan, 2031 $746 $832 $178,303
Feb, 2031 $743 $835 $177,468
Mar, 2031 $739 $839 $176,629
Apr, 2031 $736 $842 $175,786
May, 2031 $732 $846 $174,940
Jun, 2031 $729 $849 $174,091
Jul, 2031 $725 $853 $173,238
Aug, 2031 $722 $857 $172,381
Sep, 2031 $718 $860 $171,521
Oct, 2031 $715 $864 $170,657
Nov, 2031 $711 $867 $169,790
Dec, 2031 $707 $871 $168,919
2031 $8,725 $10,216 $168,919
Jan, 2032 $704 $875 $168,044
Feb, 2032 $700 $878 $167,166
Mar, 2032 $697 $882 $166,284
Apr, 2032 $693 $886 $165,399
May, 2032 $689 $889 $164,510
Jun, 2032 $685 $893 $163,617
Jul, 2032 $682 $897 $162,720
Aug, 2032 $678 $900 $161,820
Sep, 2032 $674 $904 $160,916
Oct, 2032 $670 $908 $160,008
Nov, 2032 $667 $912 $159,096
Dec, 2032 $663 $915 $158,180
2032 $8,202 $10,739 $158,180
Jan, 2033 $659 $919 $157,261
Feb, 2033 $655 $923 $156,338
Mar, 2033 $651 $927 $155,411
Apr, 2033 $648 $931 $154,480
May, 2033 $644 $935 $153,545
Jun, 2033 $640 $939 $152,607
Jul, 2033 $636 $943 $151,664
Aug, 2033 $632 $946 $150,718
Sep, 2033 $628 $950 $149,767
Oct, 2033 $624 $954 $148,813
Nov, 2033 $620 $958 $147,855
Dec, 2033 $616 $962 $146,892
2033 $7,653 $11,288 $146,892
Jan, 2034 $612 $966 $145,926
Feb, 2034 $608 $970 $144,956
Mar, 2034 $604 $974 $143,981
Apr, 2034 $600 $978 $143,003
May, 2034 $596 $983 $142,020
Jun, 2034 $592 $987 $141,034
Jul, 2034 $588 $991 $140,043
Aug, 2034 $584 $995 $139,048
Sep, 2034 $579 $999 $138,049
Oct, 2034 $575 $1,003 $137,046
Nov, 2034 $571 $1,007 $136,038
Dec, 2034 $567 $1,012 $135,027
2034 $7,075 $11,866 $135,027
Jan, 2035 $563 $1,016 $134,011
Feb, 2035 $558 $1,020 $132,991
Mar, 2035 $554 $1,024 $131,967
Apr, 2035 $550 $1,029 $130,938
May, 2035 $546 $1,033 $129,905
Jun, 2035 $541 $1,037 $128,868
Jul, 2035 $537 $1,041 $127,827
Aug, 2035 $533 $1,046 $126,781
Sep, 2035 $528 $1,050 $125,731
Oct, 2035 $524 $1,055 $124,676
Nov, 2035 $519 $1,059 $123,617
Dec, 2035 $515 $1,063 $122,554
2035 $6,468 $12,473 $122,554
Jan, 2036 $511 $1,068 $121,486
Feb, 2036 $506 $1,072 $120,414
Mar, 2036 $502 $1,077 $119,338
Apr, 2036 $497 $1,081 $118,256
May, 2036 $493 $1,086 $117,171
Jun, 2036 $488 $1,090 $116,081
Jul, 2036 $484 $1,095 $114,986
Aug, 2036 $479 $1,099 $113,887
Sep, 2036 $475 $1,104 $112,783
Oct, 2036 $470 $1,108 $111,674
Nov, 2036 $465 $1,113 $110,561
Dec, 2036 $461 $1,118 $109,443
2036 $5,830 $13,111 $109,443
Jan, 2037 $456 $1,122 $108,321
Feb, 2037 $451 $1,127 $107,194
Mar, 2037 $447 $1,132 $106,062
Apr, 2037 $442 $1,136 $104,926
May, 2037 $437 $1,141 $103,785
Jun, 2037 $432 $1,146 $102,639
Jul, 2037 $428 $1,151 $101,488
Aug, 2037 $423 $1,156 $100,332
Sep, 2037 $418 $1,160 $99,172
Oct, 2037 $413 $1,165 $98,007
Nov, 2037 $408 $1,170 $96,837
Dec, 2037 $403 $1,175 $95,662
2037 $5,159 $13,782 $95,662
Jan, 2038 $399 $1,180 $94,482
Feb, 2038 $394 $1,185 $93,297
Mar, 2038 $389 $1,190 $92,108
Apr, 2038 $384 $1,195 $90,913
May, 2038 $379 $1,200 $89,714
Jun, 2038 $374 $1,205 $88,509
Jul, 2038 $369 $1,210 $87,299
Aug, 2038 $364 $1,215 $86,085
Sep, 2038 $359 $1,220 $84,865
Oct, 2038 $354 $1,225 $83,640
Nov, 2038 $349 $1,230 $82,410
Dec, 2038 $343 $1,235 $81,175
2038 $4,454 $14,487 $81,175
Jan, 2039 $338 $1,240 $79,935
Feb, 2039 $333 $1,245 $78,690
Mar, 2039 $328 $1,251 $77,439
Apr, 2039 $323 $1,256 $76,184
May, 2039 $317 $1,261 $74,923
Jun, 2039 $312 $1,266 $73,656
Jul, 2039 $307 $1,271 $72,385
Aug, 2039 $302 $1,277 $71,108
Sep, 2039 $296 $1,282 $69,826
Oct, 2039 $291 $1,287 $68,538
Nov, 2039 $286 $1,293 $67,246
Dec, 2039 $280 $1,298 $65,947
2039 $3,713 $15,228 $65,947
Jan, 2040 $275 $1,304 $64,644
Feb, 2040 $269 $1,309 $63,335
Mar, 2040 $264 $1,314 $62,020
Apr, 2040 $258 $1,320 $60,700
May, 2040 $253 $1,325 $59,375
Jun, 2040 $247 $1,331 $58,044
Jul, 2040 $242 $1,337 $56,707
Aug, 2040 $236 $1,342 $55,365
Sep, 2040 $231 $1,348 $54,018
Oct, 2040 $225 $1,353 $52,664
Nov, 2040 $219 $1,359 $51,305
Dec, 2040 $214 $1,365 $49,941
2040 $2,934 $16,007 $49,941
Jan, 2041 $208 $1,370 $48,570
Feb, 2041 $202 $1,376 $47,194
Mar, 2041 $197 $1,382 $45,813
Apr, 2041 $191 $1,388 $44,425
May, 2041 $185 $1,393 $43,032
Jun, 2041 $179 $1,399 $41,633
Jul, 2041 $173 $1,405 $40,228
Aug, 2041 $168 $1,411 $38,817
Sep, 2041 $162 $1,417 $37,400
Oct, 2041 $156 $1,423 $35,978
Nov, 2041 $150 $1,428 $34,549
Dec, 2041 $144 $1,434 $33,115
2041 $2,115 $16,826 $33,115
Jan, 2042 $138 $1,440 $31,674
Feb, 2042 $132 $1,446 $30,228
Mar, 2042 $126 $1,452 $28,776
Apr, 2042 $120 $1,458 $27,317
May, 2042 $114 $1,465 $25,852
Jun, 2042 $108 $1,471 $24,382
Jul, 2042 $102 $1,477 $22,905
Aug, 2042 $95 $1,483 $21,422
Sep, 2042 $89 $1,489 $19,933
Oct, 2042 $83 $1,495 $18,438
Nov, 2042 $77 $1,502 $16,936
Dec, 2042 $71 $1,508 $15,428
2042 $1,254 $17,687 $15,428
Jan, 2043 $64 $1,514 $13,914
Feb, 2043 $58 $1,520 $12,394
Mar, 2043 $52 $1,527 $10,867
Apr, 2043 $45 $1,533 $9,334
May, 2043 $39 $1,540 $7,794
Jun, 2043 $32 $1,546 $6,248
Jul, 2043 $26 $1,552 $4,696
Aug, 2043 $20 $1,559 $3,137
Sep, 2043 $13 $1,565 $1,572
Oct, 2043 $7 $1,572 $0
2043 $356 $15,428 $0

Frequently Asked Questions

What is a mortgage?

A mortgage is a type of loan you use to buy a home or to refinance your existing home. By getting a mortgage, you do not need to pay the entire price of the property in one full payment but agree to make payments on that loan for a set number of years until the value of the home is paid off.

How to get a mortgage?

A mortgage can be obtained through a financial institution such as a bank, credit union, or specialized mortgage lender. You can get pre-qualified for a mortgage or apply at a time you are ready to buy. The lender will check your credit score and history and employment history to make their decision.

How much mortgage can I afford?

Determining how much mortgage you can afford depends on a variety of factors such as your income, expenses, credit history, and existing debt. By taking into account all of those numbers, you can easily calculate how much of a mortgage payment you can afford at your current income.

What is mortgage insurance?

Mortgage insurance is an insurance policy that is designed to protect the lender if the borrower is not able to meet their contractual obligations of making regular payments or defaults on a loan. The private mortgage insurance offsets the losses the lender might face and reduces risk.

What are the points on a mortgage?

Points are fees paid to a lender upfront in exchange for a lower interest rate on your mortgage loan. The lender agrees to reduce the closing costs of purchasing the property in exchange for a higher interest rate. If you purchase “discount points” your closing costs will be higher, but the interest rate lower for the life of the loan.

How to calculate a mortgage payment?

There is a complex formula that allows you to calculate your mortgage loan. The formula is as follows:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
M= Mortgage
P= Principal amount
I= Monthly interest rate (yearly rate divided by 12 months)
N= Number of monthly payments for the duration of the loan (15 years x 12 months = 180 payments)
We recommend using a mortgage calculator to easily calculate your mortgage payment.

What is a jumbo mortgage/loan?

A jumbo mortgage, commonly referred to as a jumbo loan, is used to finance amounts higher than the conventional loan limit. The amount financed is higher than the loan limit set by the Federal Housing Finance Agency.

How to pay off a mortgage faster?

There are quite a few ways in which one can pay off their mortgage earlier than their set loan date. One of the most obvious ways is paying a higher amount on your mortgage than has been calculated and therefore reducing the amount of interest you pay in the long run. Another way to pay off a mortgage faster is to make your loan payment bi-weekly, resulting in an additional payment in a year.

What is an FHA loan?

An FHA loan is a mortgage loan that is insured by the Federal Housing Association. An FHA loan allows for individuals to close on a property with a down payment as low as 3.5%. FHA loans are considered a type of federal assistance for first time and returning home buyers.

What is a home equity loan?

A home equity loan uses the value of your current property as collateral. A home equity loan is issued as a lump-sum and is determined based on the current value of your home. The value is decided by an appraiser from the lending institution your loan will be provided by.

What is a conventional loan/mortgage?

A conventional loan is not backed by a government agency such as the FHA and is in turn solely provided by a private lender. This loan is not insured by the government and therefore may have stricter qualification requirements.

Definitions

Home Price

The home price is the cost of the property that the homebuyer decides to purchase. Home price varies by location, size of the home, and land, as well as the quality of the home and improvements made to the property. Home prices also fluctuate with the real estate market. The price of the house will determine the mortgage loan amount as well as the down payment.

Down Payment

A down payment is a percentage of the value of the home that is made upfront in a lump-sum cash payment. The down payment when purchasing a home varies depending on the price of the home and the financial ability of the homebuyer to pay. The standard down payment percentage is 20%, however, certain loans allow for a down payment much lower than that, in some cases as low as 0% (VA Loan) or 3.5% (FHA Loan).

Interest Rate

Interest rate, also known as a mortgage rate, is the rate of interest that is charged on the mortgage. The interest rate on a home loan can be fixed or variable, fluctuating with the current mortgage rates. Mortgage rates will vary for each borrower as they are heavily influenced by the homebuyer’s credit profile. As mortgage rates fluctuate with the real estate market, you can refinance your loan at a lower interest rate at a point in the loan term.

Loan Term

The loan term is the number of years you will be making your monthly mortgage payments towards your loan. The loan term may change during the loan life depending on whether the buyer decides to refinance the loan, make additional payments, or make more than the minimum monthly payment. Loan terms depend on the lender, interest rate, and the preference of the home buyer.

Property Taxes

Property taxes are paid by the owner of a home or property and are collected by the local government to fund services such as law enforcement, highway construction, and education. Property taxes are based on the value of the property including the land. Property taxes are calculated by the local government where the home is located.

Home Insurance

Home insurance is a type of property insurance that covers the losses and potential damages that your residence may face. The homeowner insurance, similarly to car insurance, provides liability coverage in case of an accident that may impact the residence or property. This type of insurance covers both the exterior damage to the property as well as damage to the interior and assets such as furniture. Home insurance is not the same thing as Private Mortgage Insurance and they serve different functions.

HOA Fees

Homeowners Association Fee, typically referred to as HOA fee, is a sum of money paid monthly by homeowners in certain types of properties such as condominiums and townhouse residences. These fees are collected to offset the cost of maintaining the building, facilities, and common areas such as a pool or fitness center. Some HOA fees even cover garbage disposal and utilities such as water and sewer fees. HOA is also required to have reserved funds for emergency high-cost expenses such as roof repair or potential property damage from a natural disaster.

PMI

If the buyer decides to put down less than the standard 20% down payment recommended, they are required to purchase Private Mortgage Insurance (PMI). Private mortgage insurance is a percentage of the loan amount. When a buyer decides to have a down payment lesser than 20% the loan to value ratio is higher than 80%, therefore presenting a higher risk for the lender. PMI reduces that risk for the lender. Homeowners are required to have PMI until they pay off 20% of the value of the property.

LTV (Loan-To-Value)

Loan-To-Value is an assessment of lending risk that lenders use to determine whether or not they will approve the mortgage loan for a potential home buyer. Loan assessments with higher LTV ratios are considered higher risk and may include higher interest rates for the homebuyer. Lower LTV means that a higher down payment was made and therefore the risk of the buyer defaulting on the loan is lower, resulting in lower interest rates. LTV is calculated by taking the mortgage amount and dividing it by the appraised property value.

Principal

The principal is the actual balance of the loan excluding any interest payments, taxes, or insurance. It is the original amount that was borrowed from the lender and had interest applied to it as well as other costs of borrowing such as taxes and PMI. The principal will be the amount of money you must pay until the loan is completely paid off, however, due to the amortization schedule, the initial payments are directed towards the interest before they are to the principal.

Interest

Interest is the number one cost of borrowing and is calculated at a percentage of the principal amount of the loan. Due to the fact that interest compounds, the majority of the initial payments are applied towards the interest rather than the principal balance. This causes homebuyers to apply extra payments to their loan, to decrease the compounding of the interest and reduce the sum of the loan they will pay.

PITI

Principal, interest, property taxes, and home insurance (PITI) are the sum four components of a monthly mortgage payment. Together they make up what homebuyers would traditionally refer to as their mortgage. PITI is used by both borrowers and lenders to determine the affordability of a property for the homebuyer. If the PITI amount is considered too high when compared to the monthly household income, the borrower is considered high credit risk and may not be approved for the mortgage loan.